BOXING legend Mike Tyson has admitted he smokes 10 tonnes of weed each month which costs him more than £30k. Tyson, 53, started his own company Tyson Holistic Holdings in 2016 and owns a cannabis farm in southern California. The boxer revealed on his Hotboxin’ podcast, he has plans for a marijuana themed resort which he has dubbed the “Lollapalooza of cannabis”. Speaking with co-host and former American Football star, Eben Britton, Tyson said: “What do we smoke a month? Is it $40,000 (£33,000) a month? It’s $40 (£33), yeah, $40,000 a month.” “We smoke 10 tonnes of weed at the ranch a month,” added Britton. Iron Mike doesn’t actually grow the weed himself, but he has to give it his seal of approval. His company has released a map with a plan for the completed cannabis ranch. Iron Mike said he wants to help educate people about the healing abilities of the drug. Music festivals are planned at the site — but there is no news yet when it will be officially open. Tyson will be hoping the idea goes better than his previous business ventures, as he was declared bankrupt in 2003 despite amassing a fortune during his boxing career. Tyson became the youngest person to win the heavyweight boxing title in 1987 when he knocked out Trevor Berbick.